INTERVIEW
CIMB Singapore plays to its strengths as finance industry turns digital The bank is gearing up its tech and customer-employee experience amidst an increasingly tech-centred industry.
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ith the Monetary Authority of Singapore handing out five neobank licenses by June, and with banks amping up their digitalisation initiatives to keep up with the increasingly tech-centred financial and payments industry, CIMB Singapore plans to stand out by playing to its strengths. The bank has outlined a five-year strategy, Forward 23, that will deepen the bank’s foothold in the areas of partnerships and technology, amongst others. Just last month, the bank launched the CIMB Virtual Account, which digitises businesses’ cash flow, allows them to easily track their orders and payments, and gives a way to check their account balances in real time. The new programme is geared towards SMEs, which sees CIMB directly competing with neobanks in this segment. The bank has also launched the CIMB C-19 programme for SMEs in the tourism sector as a relief to counter the negative impact of the COVID-19 outbreak. Asian Banking & Finance caught up with CIMB Singapore’s newly-appointed CEO Victor Lee to learn more about his vision for CIMB’s staff and its customers, and to learn more about the bank’s Forward 23 vision. Could you walk us through your projects and plans geared towards enhancing your customers’ CIMB banking experience? At CIMB, it is vital that we place our customers at the core of everything that we do. My team and I constantly ask ourselves, “What do our customers want? How will their journey be like when they bank with us? How can we improve that experience?” I believe that banking is a people business, which is why we position ourselves as a bank with a heart. Not all banks are created equal, and for a bank of our size, it is all the more crucial that we place utmost importance on what our customers want. We know that we need to be disruptive, and we have demonstrated that—we offer the highest interest rates for our FastSaver and StarSaver Savings accounts with no multiple conditions. We offer the best interest rates and more for SMEs and corporates with our BusinessGo, with no frills. Our products and services can be accessed online, and with only two branches, customers can bank with us on their mobile phones from anywhere that is convenient for them. We need to improve our customer experience and so every two weeks, we intend to roll
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We need to improve our customer experience so every two weeks, we roll out improvements.
Mr. Victor Lee, CEO of CIMB Bank Singapore
out improvements. We are continuously looking at improving our product offerings in order to enhance customer experience. One example was when we revamped our BusinessGo offerings last year. We now offer 1.88%* p.a. on interest rates, which is one of the best in the market. There are free FAST transfers, the best FX rates online, and you can also speak with a relationship manager for personalised services. What programmes do you have in place for the development of your staff? People are always the top of my agenda, especially the staff. Part of the development will include us changing our mindsets to be more nimble and adaptable to change. We are also looking at training, especially in the tech area and offering more flexi work benefits. Internally, we have brand values that we hold close to our hearts. The CHIDA approach allows us to be customer-obsessed, high-performing, have integrity, and at the same time be diverse and all-inclusive, and agile too. I firmly believe that the best ingredient for a successful company will always be the team. We may not always have A-grade players and that’s ok because to
